LUSAKA — Zambia’s newly re-elected President Edgar Lungu faces an uphill battle to revive an economy reeling from a slump in copper prices, with a free-falling currency and widening budget deficit.After winning last week’s disputed vote, Lungu moved to assure supporters that a new government will work to improve the welfare of Zambians grappling with high inflation and rising food prices.A drop in copper prices of almost one-third from their peak in February 2011 has resulted in thousands of job losses in the mining industry, where most companies are owned by foreign, notably Chinese investors.The crisis saw some companies suspend production, dealing a further blow to the southern African country’s top export."The new government needs to work hard to restore economic growth," said Oliver Saasa, the chief executive of business consultancy Premier Consult.Saasa believes that Lungu, who first took office in January 2015 after the death of president Michael Sata, had been restricted by ...
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